Egypt, Cyprus Move Closer to Agreement on Cross Border Resources

Egypt and Cyprus move closer to cementing rules on the development of cross border hydrocarbon resources, with the agreement entering into force soon, once Cyprus receives the signed ratification from Egyptian authorities. 

‘The Government welcomes with satisfaction the signing by the President of Egypt, Mr. Abdel Fattah al-Sisi, of the Presidential Decree which ratifies the framework agreement between the governments of Cyprus and Egypt regarding the development of hydrocarbon resources that stretch from the one side of the Median Line to the other,’ reads a note released on Thursday. 

The agreement, which is based on the 2003 Agreement for the Delineation of the Exclusive Economic Zone between the two countries, was signed in Cairo last December.  

‘The Agreement defines the framework and the rules of cooperation between the two countries with regard to the development and joint exploitation of hydrocarbon reserves that are possibly intersected by the joint boundary of the EEZ of the two countries.’